Oil and Gas Reserve Estimation and Disclosures (unaudited)

The following tables provide supplementary information in respect of the Group’s oil and gas activities. In the absence of detailed disclosure rules in this area under IFRS, the Group has elected to voluntarily disclose the data that would have been required under the ASC 932 as if it were reporting according to US GAAP.

To the extent that information refers to financial statement data, the information is based on the primary financial statements (IFRS financial statements).

Disclosed financial data refers to the Energy operating business segment excluding gas supply, marketing, trading, and logistics and the Low Carbon Business. Further information on OMV’s operating segments is included in Note 6 – Segment Reporting.

The regional structureThe regions Central and Eastern Europe (including Romania, the Black Sea and Austria) and Rest of the world (including New Zealand, Australia, and Malaysia) listed in the Directors’ Report are split further in this disclosure to provide the information in a more detailed manner. is presented below:

Romania and Black Sea

Austria

Russia

North

South

 

New Zealand and Australia

Malaysia

Bulgaria and Romania

Austria

Russia (until February 2022)

Norway

Iran (evaluation on hold), Kurdistan Region of Iraq, Libya, Tunisia, United Arab Emirates, YemenIn 2024 OMV and its international JV partner declared their withdrawal from the joint venture in Block S2 and OMV resigned as the operator. (until December 2024)

Australia and New Zealand

SapuraOMVIncluding not only Malaysia but also SapuraOMV subsidiaries in New Zealand, Australia, and Mexico. (until December 2024)

Acquisitions

There were no major acquisitions during 2024, 2023, and 2022.

Disposals and deconsolidation

On December 9, 2024, OMV closed the transaction to sell its 50% share in the Malaysian SapuraOMV Upstream Sdn. Bhd. to TotalEnergies. Further information is included in Note 4 – Significant changes in Group structure.

There were no major disposals during 2023.

On March 1, 2022, OMV ceased to fully consolidate JSC GAZPROM YRGM Development due to the loss of control, following the Russian war on Ukraine.

Non-controlling interest

As OMV holds a 51% share in OMV Petrom, it is fully consolidated. Figures therefore include 100% of OMV Petrom’s assets and results.

OMV had a share of 50% in SapuraOMV and it was fully consolidated; figures therefore include 100% of SapuraOMV’s assets and results until its deconsolidation.

Equity-accounted investments

OMV holds a 10% interest in Pearl Petroleum Company Limited (South).

On March 1, 2022, OMV ceased to equity account its 24.99% interest in OJSC Severneftegazprom (Russia region) due to loss of significant influence, following the Russian war on Ukraine.

The disclosures of equity-accounted investments in the tables below represent the interest of OMV in the companies.

Further information on significant impacts

2023 was significantly impacted by the final investment decision (FID) for the execution of the Neptun Deep project in the Black Sea and the Hail and Ghasha development in the United Arab Emirates.

The subsequent tables may contain rounding differences.

Tables

a) Capitalized costs

Capitalized costs represent the sum of capitalized oil and gas assets, including other intangible assets and property, plant, and equipment such as land, plant and machinery, concessions, licenses, and rights.

Capitalized costs – subsidiaries

In EUR mn

 

 

 

 

2024

2023

2022

Unproved oil and gas properties

1,068

1,197

1,811

Proved oil and gas properties

28,515

29,501

28,240

Total

29,583

30,698

30,051

Accumulated depreciation

–20,223

–20,009

–19,411

Net capitalized costs

9,360

10,689

10,640

Capitalized costs – equity-accounted investments

In EUR mn

 

 

 

 

2024

2023

2022

Unproved oil and gas properties

123

116

151

Proved oil and gas properties

380

344

292

Total

504

460

443

Accumulated depreciation

–214

–193

–76

Net capitalized costs

290

267

367

b) Costs incurred

Costs incurred include all costs, capitalized or expensed, during the year in the Group’s oil and gas property acquisition, exploration, and development activities.

Costs incurred

In EUR mn

 

 

 

 

 

 

 

 

 

Romania and Black Sea

Austria

Russia

North

South

New Zealand and Australia

Malaysia

Total

 

 

 

 

 

 

 

 

 

 

2024

Subsidiaries

 

 

 

 

 

 

 

 

Acquisition of unproved properties

Exploration costs

42

41

74

40

2

29

229

Development costs

652

48

159

312

15

33

1,218

Costs incurred

694

89

233

352

17

61

1,447

Equity-accounted investments

14

14

 

 

 

 

 

 

 

 

 

 

2023

Subsidiaries

 

 

 

 

 

 

 

 

Acquisition of unproved properties

Exploration costs

35

61

62

28

25

38

248

Development costs

338

40

168

252

71

154

1,024

Costs incurred

373

101

231

280

96

191

1,272

Equity-accounted investments

33

33

 

 

 

 

 

 

 

 

 

 

2022

Subsidiaries

 

 

 

 

 

 

 

 

Acquisition of unproved properties

Exploration costs

35

24

59

10

26

48

202

Development costs

327

21

159

171

188

102

969

Costs incurred

362

45

219

181

214

150

1,171

Equity-accounted investments

2

27

29

c) Results of operations of oil and gas producing activities

The following tables represent only those revenues and expenses that occur directly in connection with OMV’s oil and gas producing operations. The results of oil and gas activities should not be equated to Energy net income since interest costs, general corporate overhead costs, other costs, and power production, gas supply, marketing, trading, and logistics, and the Low Carbon Business are not allocated. Further information on OMV’s operating segments is included in Note 6 – Segment Reporting. Income taxes are hypothetically calculated, based on the statutory tax rates and the effect of tax credits on investments and loss carryforwards.

Results of operations of oil and gas producing activities

In EUR mn

 

 

 

 

 

 

 

 

 

Romania and Black Sea

Austria

Russia

North

South

New Zealand and Australia

Malaysia

Total

 

 

 

 

 

 

 

 

 

 

2024

Subsidiaries

 

 

 

 

 

 

 

 

Sales to unaffiliated parties1

5

0

766

572

159

257

1,759

Intercompany sales

2,107

382

885

1,736

172

5,281

 

2,112

383

1,651

2,308

330

257

7,041

Production costs

–565

–89

–182

–173

–78

–18

–1,104

Royalties

–282

–80

–296

–25

–9

–691

Exploration expenses2

–26

–54

–46

–13

–2

–10

–151

Depreciation, amortization, impairments, and write-ups

–639

–98

–286

–389

–389

–1

–1,802

Other costs3

–88

–18

–120

–87

–7

–24

–344

 

–1,601

–339

–633

–957

–501

–61

–4,092

Results before income taxes

511

44

1,018

1,351

–170

196

2,949

Income taxes4

–79

1

–808

–1,224

48

–63

–2,125

Results from oil and gas production

432

45

210

127

–123

132

823

Results of equity-accounted investments

42

42

 

 

 

 

 

 

 

 

 

 

2023

Subsidiaries

 

 

 

 

 

 

 

 

Sales to unaffiliated parties1

6

1

979

635

218

268

2,107

Intercompany sales

2,452

418

1,064

1,646

231

5,812

 

2,458

419

2,044

2,282

450

268

7,920

Production costs

–535

–94

–197

–181

–83

–18

–1,108

Royalties

–501

–84

–283

–46

–10

–925

Exploration expenses2

–23

–8

–60

–16

–8

–107

–222

Depreciation, amortization, impairments, and write-ups

–475

–97

–333

–168

–214

–72

–1,358

Other costs3

–54

–17

–116

–50

–15

–19

–271

 

–1,587

–300

–707

–698

–367

–226

–3,884

Results before income taxes

871

119

1,337

1,584

83

42

4,036

Income taxes4

–124

–42

–1,063

–1,273

–23

–16

–2,542

Results from oil and gas production

746

76

274

311

60

26

1,493

Results of equity-accounted investments

–72

–72

 

 

 

 

 

 

 

 

 

 

2022

Subsidiaries

 

 

 

 

 

 

 

 

Sales to unaffiliated parties1

5

–32

206

1,394

931

225

302

3,032

Intercompany sales

3,281

959

3,530

1,927

236

9,933

 

3,286

927

206

4,924

2,858

461

302

12,965

Production costs

–512

–91

–183

–183

–87

–16

–1,071

Royalties

–1,102

–182

–312

–46

–21

–1,663

Exploration expenses2

–28

–12

–118

2

–53

–41

–250

Depreciation, amortization, impairments, and write-ups

–845

–43

–12

–416

–424

46

–91

–1,785

Other costs3

–65

–15

–60

–131

–64

–2

–22

–359

 

–2,552

–344

–72

–848

–980

–142

–191

–5,128

Results before income taxes

734

583

135

4,077

1,878

319

111

7,837

Income taxes4

–121

–229

–28

–3,274

–1,553

–83

–34

–5,322

Results from oil and gas production

613

354

107

803

325

237

77

2,516

Results of equity-accounted investments

3

56

59

1

Including hedging effects; the Austria region includes hedging effects of centrally managed derivatives (2024: nil, 2023: nil, 2022: EUR –33 mn).

2

Including impairment losses related to exploration and appraisal

3

Including inventory changes

4

Income taxes in the North and South include corporation tax and special petroleum tax. Income taxes for 2024, 2023, and 2022 in Austria included the EU solidarity contribution.

d) Oil and gas reserve quantities

Proved reserves are those quantities of oil and gas that, through analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulation before the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain. Proved oil and gas reserves were estimated based on a twelve-month average price, unless prices are defined by contractual arrangements.

Proved developed reserves are those proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods, or in which the costs of the required equipment are relatively minor compared with the cost of a new well, and through installed extraction equipment and infrastructure operational at the time of the reserves estimate. It should be reasonably certain that the required future expenditure will be made to safeguard existing equipment within the current budget.

Proved undeveloped reserves are those proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where relatively major expenditure is required for recompletion, or substantial new investment is required in order to safeguard or replace aging facilities.

Crude oil and NGL

In mn bbl

 

 

 

 

 

 

 

 

 

Romania and Black Sea

Austria

Russia

North

South

New Zealand and Australia

Malaysia

Total

Proved developed and undeveloped reserves – Subsidiaries

January 1, 2022

258.8

31.4

46.4

275.7

12.9

6.5

631.7

Revisions of previous estimates

–8.4

1.9

15.8

32.3

1.1

0.4

43.1

Purchases

Disposals

Extensions and discoveries

0.1

0.1

Production

–20.9

–3.3

–14.7

–27.3

–3.0

–0.6

–69.9

December 31, 2022

229.6

30.0

47.6

280.6

11.0

6.2

605.0

Revisions of previous estimates

–1.6

0.7

6.9

89.9

0.6

2.1

98.6

Purchases

Disposals

Extensions and discoveries

0.3

0.3

Production

–20.0

–3.0

–13.4

–29.1

–3.6

–0.7

–69.7

December 31, 2023

208.3

27.7

41.1

341.5

8.0

7.6

634.2

Revisions of previous estimates

–1.8

1.1

3.8

13.7

0.0

0.0

16.9

Purchases

Disposals

–4.4

–6.9

–11.3

Extensions and discoveries

0.2

0.2

Production

–19.1

–3.0

–10.0

–29.5

–2.9

–0.8

–65.2

December 31, 2024

187.6

25.8

35.0

321.3

5.1

574.8

 

 

 

 

 

 

 

 

 

Proved developed and undeveloped reserves – Equity-accounted investments

December 31, 2022

16.0

16.0

December 31, 2023

15.1

15.1

December 31, 2024

15.7

15.7

 

 

 

 

 

 

 

 

 

Proved developed reserves – Subsidiaries

December 31, 2022

206.6

30.0

39.4

234.5

9.2

1.7

521.4

December 31, 2023

187.6

27.7

32.8

252.4

8.0

1.4

509.8

December 31, 2024

171.1

25.8

23.6

245.3

4.8

470.6

 

 

 

 

 

 

 

 

 

Proved developed reserves – Equity-accounted investments

December 31, 2022

15.4

15.4

December 31, 2023

13.4

13.4

December 31, 2024

14.8

14.8

Gas

In bcf

 

 

 

 

 

 

 

 

 

Romania and Black Sea

Austria

Russia

North

South

New Zealand and Australia

Malaysia

Total

Proved developed and undeveloped reserves – Subsidiaries

January 1, 2022

865.5

152.4

289.2

145.8

274.2

514.7

2,241.7

Revisions of previous estimates

68.1

15.2

144.4

–1.3

9.0

–7.9

227.6

Purchases

Disposals

Extensions and discoveries

1.6

1.6

Production

–122.0

–19.7

–102.2

–14.7

–47.1

–60.0

–365.6

December 31, 20221

813.2

147.9

331.4

129.8

236.1

446.8

2,105.2

Revisions of previous estimates

464.3

13.7

37.0

195.5

–36.5

56.2

730.1

Purchases

Disposals

Extensions and discoveries

4.9

4.9

Production

–115.7

–18.0

–84.5

–13.6

–53.8

–57.9

–343.6

December 31, 20231

1,166.8

143.6

283.9

311.7

145.7

445.0

2,496.7

Revisions of previous estimates

65.9

20.3

49.5

6.6

–35.4

1.8

108.7

Purchases

Disposals

–389.9

–389.9

Extensions and discoveries

1.9

1.9

Production

–112.4

–18.2

–86.1

–9.2

–36.0

–56.9

–318.9

December 31, 20241

1,122.3

145.7

247.2

309.1

74.3

1,898.5

 

 

 

 

 

 

 

 

 

Proved developed and undeveloped reserves – Equity-accounted investments

December 31, 2022

303.6

303.6

December 31, 2023

292.5

292.5

December 31, 2024

307.8

307.8

 

 

 

 

 

 

 

 

 

Proved developed reserves – Subsidiaries

December 31, 2022

723.4

80.3

290.8

39.9

195.9

228.9

1,559.1

December 31, 2023

628.0

76.0

246.8

35.0

145.7

158.5

1,290.0

December 31, 2024

621.2

74.9

203.9

39.5

56.1

995.6

 

 

 

 

 

 

 

 

 

Proved developed reserves – Equity-accounted investments

December 31, 2022

288.3

288.3

December 31, 2023

259.3

259.3

December 31, 2024

268.8

268.8

1

2024: Including approximately 70.8 bcf of cushion gas held in storage reservoirs
2023: Including approximately 67.6 bcf of cushion gas held in storage reservoirs
2022: Including approximately 67.6 bcf of cushion gas held in storage reservoirs

e) Standardized measure of discounted future net cash flows

The future net cash flow information is based on the assumption that the prevailing economic and operating conditions will persist throughout the time during which proved reserves will be produced. Neither the effects of future pricing changes nor expected changes in technology and operating practices are considered.

Future cash inflows represent the revenues received from production volumes, including cushion gas held in storage reservoirs, assuming that the future production is sold at prices used in estimating year-end quantities of proved reserves (twelve-month average price). Future production costs include the estimated expenditure for production of the proved reserves plus any production taxes without consideration of future inflation. Future decommissioning costs comprise the net costs associated with decommissioning wells and facilities. Future development costs include the estimated costs of development drilling and installation of production facilities. For all three categories, year-end costs without consideration of inflation are assumed. Future income tax payments are calculated on the basis of the income tax rate applicable in each of the countries in which the Group operates. The present cash value results from the discounting of the future net cash flow at a discount rate of 10% per year. The standardized measure does not purport to be an estimate of the fair value of the Group’s proven reserves. An estimate of fair value would also take into account, among many other factors, the expected recovery of reserves in excess of proved reserves, anticipated changes in future prices and costs, and a discount factor representative of the risks inherent in the production of oil and gas.

Standardized measure of discounted future net cash flows

In EUR mn

 

 

 

 

 

 

 

 

 

Subsidiaries and equity-accounted investments

 

 

Romania and Black Sea

Austria

Russia

North

South

New Zealand and Australia

Malaysia

Total

 

 

 

 

 

 

 

 

 

 

2024

Subsidiaries

 

 

 

 

 

 

 

 

Future cash inflows

21,487

3,154

4,798

24,536

704

54,679

Future production and decommissioning costs

–12,668

–2,071

–2,240

–7,589

–1,227

–25,795

Future development costs

–2,652

–335

–579

–1,551

–78

–5,195

Future net cash flows,
before income taxes

6,167

748

1,979

15,395

–601

23,689

Future income taxes

–783

–94

–1,924

–10,831

191

–13,442

Future net cash flows,
before discount

5,384

654

55

4,564

–410

10,247

10% annual discount for estimated timing of cash flows

–1,864

–353

26

–2,237

167

–4,261

Standardized measure of discounted future net cash flows

3,519

301

81

2,327

–243

5,986

Equity-accounted investments

370

370

 

 

 

 

 

 

 

 

 

 

2023

Subsidiaries

 

 

 

 

 

 

 

 

Future cash inflows

30,238

3,656

6,457

28,233

1,170

2,256

72,011

Future production and decommissioning costs

–13,937

–2,276

–2,397

–8,842

–1,412

–622

–29,486

Future development costs

–3,184

–378

–512

–1,901

–86

–71

–6,131

Future net cash flows,
before income taxes

13,117

1,002

3,549

17,491

–327

1,563

36,395

Future income taxes

–1,857

–129

–3,265

–12,340

168

–461

–17,884

Future net cash flows,
before discount

11,260

873

284

5,150

–159

1,103

18,511

10% annual discount for estimated timing of cash flows

–4,546

–422

–11

–2,582

169

–297

–7,689

Standardized measure of discounted future net cash flows

6,714

451

273

2,568

10

806

10,821

Equity-accounted investments

475

475

 

 

 

 

 

 

 

 

 

 

2022

Subsidiaries

 

 

 

 

 

 

 

 

Future cash inflows

29,864

7,435

14,937

26,611

2,051

2,248

83,145

Future production and decommissioning costs

–15,951

–2,766

–2,711

–7,771

–1,829

–690

–31,718

Future development costs

–1,424

–246

–631

–890

–222

–213

–3,626

Future net cash flows,
before income taxes

12,489

4,422

11,594

17,950

0

1,345

47,800

Future income taxes

–1,724

–1,028

–10,465

–13,283

132

–380

–26,748

Future net cash flows,
before discount

10,765

3,394

1,129

4,667

132

965

21,053

10% annual discount for estimated timing of cash flows

–4,718

–1,815

–184

–1,547

213

–296

–8,347

Standardized measure of discounted future net cash flows

6,048

1,579

945

3,120

345

669

12,705

Equity-accounted investments

451

451

f) Changes in the standardized measure of discounted future net cash flows

Changes in the standardized measure of discounted future net cash flows

In EUR mn

 

 

 

 

2024

2023

2022

Subsidiaries

 

 

 

Beginning of year

10,821

12,705

7,373

Oil and gas sales produced during the year, net of related production costs

–4,714

–7,049

–4,102

Net change in prices and production costs related to future periods

–4,427

–6,538

13,243

Net change due to purchases and sales of minerals in place1

–684

Net change due to extensions and discoveries

9

32

7

Development and decommissioning costs incurred during the period

1,369

823

895

Changes in estimated future development and decommissioning costs

–436

–1,912

–344

Revisions of previous reserve estimates

293

4,239

4,507

Accretion of discount

1,011

1,146

671

Net change in income taxes (incl. tax effects from purchases and sales)

2,908

7,539

–9,593

Other2

–165

–165

48

End of year

5,986

10,821

12,705

Equity-accounted investments

370

475

451

1

2024 included the impact of the divestment of SapuraOMV.

2

Contains movements in foreign exchange rates vs. the EUR. 2022 was impacted by the change of consolidation method of the Russian operations.

Vienna, March 14, 2025

The Executive Board

Alfred Stern m.p.
Chairman of the Executive Board
and Chief Executive Officer

Reinhard Florey m.p.
Chief Financial Officer

Martijn van Koten m.p.
Executive Vice President Fuels & Feedstock and
Executive Vice President Chemicals

Berislav Gaso m.p.
Executive Vice President Energy

IFRS
International Financial Reporting Standards
Pearl
Pearl Petroleum Company Limited

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